Credit Suisse Group upgraded shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS) from a neutral rating to an outperform rating in a report released on Monday, July 31st, Marketbeat.com reports. Credit Suisse Group currently has $147.00 price target on the closed-end fund’s stock, up from their prior price target of $141.00.
“attractive,” the firm’s analyst commented.
A number of other research analysts have also recently issued reports on the company. BidaskClub cut Virtus Investment Partners from a buy rating to a hold rating in a research report on Tuesday, July 25th. Morgan Stanley set a $110.00 price target on Virtus Investment Partners and gave the stock a hold rating in a report on Monday, July 17th. Zacks Investment Research cut Virtus Investment Partners from a buy rating to a hold rating in a report on Wednesday, June 14th. Finally, Jefferies Group LLC set a $110.00 price target on Virtus Investment Partners and gave the stock a hold rating in a report on Sunday, April 30th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The company has an average rating of Hold and an average price target of $119.80.
Virtus Investment Partners (NASDAQ VRTS) opened at 111.05 on Monday. Virtus Investment Partners has a one year low of $87.03 and a one year high of $128.10. The firm has a market capitalization of $801.45 million, a price-to-earnings ratio of 21.61 and a beta of 1.72. The firm’s 50-day moving average is $113.71 and its 200 day moving average is $108.72.
Virtus Investment Partners (NASDAQ:VRTS) last released its earnings results on Friday, July 28th. The closed-end fund reported $1.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.66 by $0.05. Virtus Investment Partners had a net margin of 12.13% and a return on equity of 11.35%. The business had revenue of $94.10 million during the quarter, compared to the consensus estimate of $91.78 million. During the same quarter in the prior year, the firm earned $1.24 EPS. The business’s revenue was up 17.5% on a year-over-year basis. Analysts forecast that Virtus Investment Partners will post $7.58 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Thursday, July 27th. Virtus Investment Partners’s dividend payout ratio is currently 35.02%.
A number of institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Virtus Investment Partners during the fourth quarter valued at about $5,237,000. Koch Industries Inc. acquired a new position in shares of Virtus Investment Partners during the first quarter valued at about $203,000. Citadel Advisors LLC acquired a new position in shares of Virtus Investment Partners during the first quarter valued at about $18,618,000. Airain ltd acquired a new position in shares of Virtus Investment Partners during the first quarter valued at about $425,000. Finally, Highbridge Capital Management LLC acquired a new position in shares of Virtus Investment Partners during the first quarter valued at about $1,739,000. 98.32% of the stock is currently owned by hedge funds and other institutional investors.
About Virtus Investment Partners
Virtus Investment Partners, Inc (Virtus) is a provider of investment management and related services to individuals and institutions. The Company provides its products in various forms and through multiple distribution channels. Its retail products include open-end mutual funds, closed-end funds, exchange traded funds, variable insurance funds, undertakings for collective investments in transferable securities (UCITS) and separately managed accounts.
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